SIT asks DRI if USD 505 billion flown out of India from 2004-13

New Delhi: The Supreme Court appointed Special Investigation Team on black money has asked the Directorate of Revenue Intelligence (DRI) to verify whether USD 505 billion had flown out of the country during 2004-13, when Congress-led UPA was in power.

The instruction to DRI comes on the heels of US-based think-tank Global Finance Integrity stating in a report that India had fourth largest outflow of black money in the world with a whopping USD 51 billion being siphoned out every year between 2004 and 2013.

"The SIT obtained detailed calculations of country–wise illicit financial flows for each of these years from Global Financial Integrity," a Finance Ministry statement said.

The details, it said, have been sent to DRI on February 8, which has been asked to "verify the extent to which the calculations are correct".

The SIT was of the opinion that since reports like those of Global Financial Integrity were widely used in academic circles and for debates, it is "very crucial to ascertain the veracity of such reports".

Further necessary action shall be taken by SIT after receipt of report from DRI, it added. "The Global Financial Integrity, in its report, 'Illicit Financial Flows from Developing Countries 2004–2013' has estimated that illicit financial flows out of India for the period 2004–2013 to be the tune of USD 505 billion," it said.